Rosneft, BP Complete Deal to Create New JV

Rosneft and BP have completed a deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisey-Khatanga basins in the Russian Federation.

Final binding agreements for the new joint venture were signed at the XX St. Petersburg International Economic Forum (SPIEF) in June 2016. The joint venture will focus on the onshore exploration of two Areas of Mutual Interest (AMIs) in the West Siberian and Yenisey-Khatanga basins covering a combined area of approximately 260,000 square kilometers.

Yermak Neftegaz is owned 51 percent by Rosneft and 49 percent by BP. This winter, the joint venture will carry out further appraisal work by starting the drilling of the Bkl-21 well on the 2009 Rosneft-discovered Baikalovskiy field inside the Yenisey-Khatanga AMI. The JV will also commence seismic surveys of the Zapadno-Yarudeiskoye block and geological exploration of the Kheiginskoye and Anomalnoye licenses in the West Siberian AMI.

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